Superscript unveils insurance for online retailers and dropshippers

Superscript
Flexible monthly business insurance
18 January 2023
1 minute read

We’re excited to announce the launch of our customisable, flexible insurance product for a new generation of online retailers and ecommerce businesses.

The global dropshipping market has increased by an estimated 53% since 2020, now estimated to be worth £165 billion, and experts predict this to rise to £415 billion by 2027. This represents a rapidly growing area of the ecommerce industry opting to store stock and fulfil orders via third-party logistic providers.

As a result, a large chunk of online retailers are struggling to find adequate cover from insurers, which largely exclude businesses that don’t store their own inventory via third parties or in the UK.

What do we cover?

We've reimagined a product for online retailers that extends cover to international imports and exports, including goods manufactured in Asia and products shipped to North America. The product is also suitable for dropshipping businesses - which manufacture and ship products from third parties abroad directly to customers.

The new product, delivered through a monthly subscription, offers a comprehensive list of covers for all kinds of ecommerce businesses and online retailers, on top of other special features including:

  • Manufacturing, importing and white or private labeling
  • Cover for contents and stock at a pop-up-shop
  • Cover for stock in third-party logistics fulfilment centres
  • Cover for products out for delivery with a postal or courier service

Why did we reimagine online retail insurance?

Ben Rose, co-founder and Chief Underwriter Officer at Superscript, said:

Platforms like Shopify, Alibaba, Etsy and Amazon have enabled more ecommerce startups to set up and thrive, minimising the friction of national borders when fulfilling orders. With the explosion in popularity of dropshipping, and the amount of online retailers manufacturing and shipping via third parties abroad, insurers have to keep pace with how the industry is evolving.

It makes no sense to exclude non-UK/Europe manufacturers from policies, as these account for a significant proportion of all online retailers. I’m proud that Superscript is releasing this inclusive product for the new generation of successful online retailers.

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